Boston Scientific Settles ERISA Suit For $8M

Law360, New York (December 2, 2009, 6:53 PM EST) -- Boston Scientific Corp. has agreed to pay $8.2 million to settle an Employee Retirement Income Security Act suit alleging that the company breached its fiduciary duty by allowing employees to invest their retirement plan in shares of Boston Scientific at a time when safety concerns about the company's stents were driving down its stock price.

The plaintiffs on Tuesday asked Judge Douglas P. Woodlock of the U.S. District Court for the District of Massachusetts to grant preliminary approval to the settlement and certify a class consisting...